State-owned
Indian Oil Corp (IOC) is
mulling setting up a Rs 30,000 crore refinery at Mundra in Gujarat as part of a plan to
increase its processing capacity to 100 million tonnes.
IOC has seven
refineries with a total capacity of 54.2 million tonnes and subsidiary Chennai
Petroleum Corp operates a 11.5 million tonne plant. A coastal refinery would enable IOC to ship in
larger quantities of heavier grades of crude oil, which are cheaper because
they are more difficult to process into fuels. 
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